|
|
|
The lender offers the following
general philosophy as to why there is
such a high demand for their low payment rate mortgage loans. The
thirty-year mortgage worked well in our great grand parent's
generation. They lived in a different day and age. Typically the last
thing they would have done is applied for a mortgage. They believed in paying it off and burning the
note, which was wise. Today, how many people do you know that have a
"note burning" ceremony?
Refinancing was avoided at all
costs, for disturbing the note was detrimental. People
typically had one job, a pension fund, no credit cards, a passbook
savings account, and a retirement account they could rely upon. People
didn't move as much or get divorced, and refinancing wasn't as common.
It was a simpler day in age when the thirty-year block mortgage served their needs well.
Their financial lifestyle was stable. Times have changed
and so have your options. .
|
|
|
